offering memorandum the fountains shopping center€¦ · the fountains shopping center offering...

The Fountains Shopping Centeroffering memorandum

8065, 8133, 8145, 8155 ardrey Kell roadCharlotte, nC, 28277

This Offering Memorandum and any subsequent

evaluation material you may be provided (collectively

known as the “Offering Memorandum”) is intended

solely for your limited use in considering whether to

pursue negotiations to acquire The Fountains Shopping

Center (the “Property”) located in Charlotte, North

Carolina. The Property is being marketed for sale by

Ackerman & Co. (“Broker”).

The Offering Memorandum contains brief, selected

information pertaining to the business and affairs of the

Property and has been prepared by Broker. It does not,

however, purport to be all-inclusive or to contain all of

the information that a prospective purchaser may desire.

Broker makes no representation or warranty, express

or implied, as to the accuracy or completeness of the

Offering Memorandum or any of its contents, and no

legal liability is assumed to be implied with respect

thereto.

By acknowledgment of your receipt of the Offering

Memorandum you agree that the Offering

Memorandum and its contents are confidential, that

you will hold and treat it in the strictest of confidence,

that you will not directly or indirectly disclose, or permit

anyone else to disclose, the Offering Memorandum

or its contents to any other person, firm, or entity

(including, without limitation, any principal for whom

you have been engaged), without prior written

authorization of Owner or Broker and that you will not

use or permit to be used the Offering Memorandum

or its contents to be copied or used in any fashion or

manner detrimental to the interest of Owner. Photocopy

or other duplication is strictly prohibited.

THE OFFERING MEMORANDUM SHALL NOT BE

DEEMED TO REPRESENT THAT STATE OF AFFAIRS

OF THE PROPERTY OR CONSTITUTE AN INDICATION

THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS

OR AFFAIRS OF THE PROPERTY SINCE THE DATE OF

PREPARATION OF THE OFFERING MEMORANDUM.

The information provided in the Offering Memorandum

has been gathered from sources that are deemed

reliable, but the Broker does not warrant or represent

that the information is true or correct. Prospective

offerors are advised to verify information independently.

The Offering Memorandum is not to be construed as an

offer or as any part of a contract to sell the property.

Furthermore, the inclusion or exclusion in the Offering

Memorandum of information relating to asbestos or

any other hazardous, toxic or dangerous chemical item,

waste or substance (hereinafter collectively referred to

as “Waste”) relating to the Property shall in no way be

construed as creating any warranties or representations,

expressed or implied by the Broker as to the existence

or nonexistence or nature of Waste in, under or on the

Property, it may create significant legal and/or economic

obligations upon the Owner, lessee and/or other holders

of interest in the Property or a part thereof and you are

hereby advised to obtain professional assistance such

as from a consultant, engineer and/or attorney prior to

taking an interest in the Property or a part thereof.

CONFIDENTIAL INFORMATIONINFORMATION NOT WARRANTED

01 eXeCuTiVe SummarY investment Summary Location and demographics Property aerials Property Photographs

02 TenanT oVerView rent roll Site Plan

03 marKeT oVerView Charlotte, north Carolina Competitive Property Set detailed demographics

04 finanCiaL oVerView Summary of financial assumptions Cash flow Projections Lease expirations in-Place reconciliation

Table Of ContentsThE FOuNTAINS ShOppINg CENTER

ConTaCTS

ANDREW MURPHY Senior Vice President, Investment Sales 770.913.3950 | [email protected]

JASON POWELL, CCIMVice President, Investment Sales 770.913.3952 | [email protected]

The Fountains Shopping Center

eXeCuTiVe SummarY investment Summary Location and demographics Property aerials Property Photographs

01

the fountains shopping center 5

Currently 100% occupied, this center provides an investor with a stable cash flow, limited rollover risk, and a quality mixed used tenant group. This asset is being marketed for sale free and clear of any existing debt.

Investment highlights:

Superior Demographics: The Fountains Shopping Center is located in the heart of Ballantyne, one of Charlotte’s most affluent suburbs. The neighborhood of Ballanytne has seen significant growth over the past 20 years, as many of Charlotte’s affluent residents have migrated to the southern border of Charlotte. In 2010, the average annual household income within 3 miles of the Fountains development was over $133,000. Ballantyne is known as an area where young executives reside and the area consists of high-end homes engulfed within top notch country clubs.

Exceptional Market Fundamentals: The Fountains Shopping Center is located in the southern part of Charlotte, NC. The area is recognized by the wealthy residents that occupy the area and high-end real estate that surrounds them. There totals 1,556,466 square feet of competitive retail product immediately surrounding the Fountains and of that total square footage, the average per square foot is $29.50 pSF. Comparatively, the Fountains leases for $25.00 pSF (a $4.50 pSF advantage to the market). Within that same competitive set, the vacancy is 4.44% (roughly 10.00% lower than the average for the city of Charlotte).

Quality Tenant Mix / High Barriers to Entry: The Fountains Shopping Center is comprised of 11 quality tenants and offers a new owner limited rollover risk due to the individual size of the tenants (1,947 SF on average). In addition to the limited rollover risk, the Fountains has a high barrier to entry for prospective owners. The center is roughly 100,000 square feet, 100% leased, and is primarily owned by individual owners. The only opportunity to control a sizeable portion of this Class A center is to acquire this offering.

INVESTMENT SUMMARY

Ackerman & Co.’s Investment Sales Team is pleased to exclusively present for sale, The Fountains Shopping Center, a 21,421 – square-foot shopping center located in an affluent area of Charlotte, North Carolina.

01 Executive Summary

Square Footage: 21,421 Sf

Occupancy: 100%

Purchase Price: $5,050,000

Debt Structure: market; free & Clear

In-place NOI: $420,315

Investment Overview:


Charlotte Golf Links

CedarwoodGolf Club

521

485

485485

16

16

84

Providence R

d

Ardrey Kell Rd Tom

Sho

rt R

d

Ballan tyne Commo ns PkwyLancaster Hwy Providence Rd

We ddin

gton

Mat

thew

s R

d

Fort Mia H wy

New Town RdCha

rlotte

Hw

y

Pineville M atthews Rd

Antioch C

hurch Rd

Tilley Morris Rd

Dorman R

d

the fountainS Shopping center 8065, 8133, 8145, 8155 Ardrey Kell roAdChArlotte, North CAroliNA 28277

The Fountains Development is located in the heart of Ballantyne, one of Charlotte’s most affluent suburbs. The neighborhood of Ballantyne has seen significant growth over the past 20 years as many of Charlotte’s affluent residents have migrated to southern border of Charlotte.

In 2010, the average annual household income within 3 miles of The Fountains Development was over $133,000. The Ballantyne area is widely populated with young executivess and the area consists of recently constructed homes, retail centers and country clubs.

LOCATION AND DEMOGRAPHICS


Source: Costar®

TraffiC CounTS

16,454 VEHIclES Per daY on ardreY KeLL road

5,700 VEHIclES Per daY on Tom ShorT rd

DEMOgRAphIC SuMMARY

1 MIlE 3 MIlES 5 MIlES

population Estimate 9,742 59,847 137,425

Total households 3,172 21,099 50,921

Avg. hh Income Estimate $124,065 $133,174 $120,582

Median Age 36.2 36.9 36.8

Owner Occupied housing 82.2% 77.8% 73.4%

Population by Employment

Total Businesses 143 1,574 4,414

Total Employees 1,202 12,427 37,694


Ardrey

Kell Rd Tom

Short Rd

reSidential reSidential

5,700 VEHIclES Per d

aY

16,45

4 VEH

IclE

S Per

daY

bldg. i

bldg. h

bldg. g

bldg. e


PROPERTY AERIAL



Tom Short RdAr

drey

Kell

Rd

5,700 VEHIclES Per daY 16

,454

VEH

IclE

S Pe

r daY

reSidential

reSidential

bldg. e

bldg. g

bldg. h

bldg. i


PROPERTY AERIAL



PROPERTY PHOTOGRAPHS



PROPERTY OVERVIEW



85

77

77

85

485

485

485

485

21

29

74

160

279

5149

27

27

24

601

601

NORTH CAROLINA

SOUTH CAROLINANORTH CAROLINA

SOUTH CAROLINA

Charlotte

GastoniaMunicipal

Airport

Charlotte DouglasInternational Airport

Providence Rd

Ardrey Ke ll Rd

E Independance Blvd

Brookshire Blvd

W W T Harris Blv

d

Har

risbu rg

Rd

Concord

P

kwy

Charlotte Hwy

Ballantyne

AREA MAP




TenanT oVerView rent roll Site Plan

02


RENT ROLL (As of May 9, 2012)

02 Tenant Overview

TenanT name TYPe & SuiTe number LeaSe

daTeS & Term

fLoor Sf bLdg Share

raTe & amounTPer Year

Per monTh

ChangeS on

ChangeSTo

CPi & CurrenTPorTerS’ wagemiSCeLLaneouS

monThSTo

abaTe

PCnTTo

abaTe

deSCriPTion of oPeraTing

eXPenSereimburSemenTS

imPrVmnTSraTe

amounT

CommSSnSraTe

amounT

aSSumPTion abouT

SubSequenT TermSfor ThiS TenanT

CommenTS

202 Fountains Office, Suite: 202h Jan-2009 to Apr-2014 64 Months

2,45311.45%

$24.75 $60,712 $2.06 $5,059

May-2013

$25.50

Full Service:

pays no expense reimbursement.

Market

$24.00/SF Mg

Acting Out Studio Office, Suite: 204h Jul-2007 to Dec-2014 90 Months

8864.14%

$19.00 $16,834 $1.58 $1,403

Jan-2013

Jan-2014

$19.57 $20.16

Tax & utilities

Market

$24.00/SF Mg

Acting Out Studio Office, Suite: 205h Jan-2012 to Dec-2014 36 Months

9664.51%

$19.00 $18,354 $1.58 $1,530

Jan-2013 Jan-2014

$19.57 $20.16

Tax & utilities

Market

$24.00/SF Mg

Ballancrest AcademyOffice, Suite: 101E Aug-2010 to Aug-2013 37 Months

3,626

16.93%

$21.92 $79,500 $1.83 $6,625

Aug-2012 Sep-2012

$22.33 $22.58

Net: pays a full pro-rata share of all reimbursable

expenses.

Market $24.00/SF Mg

One (1) x Three (3) Year Option with 3% Escalations.

Berkeley Wealth professionalsOffice, Suite: 203h Aug-2011 to Oct-2014 39 Months

1,3026.08%

$20.00 $26,040 $1.67 $2,170

Sep-2012 Aug-2013 Aug-2014

$20.60 $21.22 $21.86

utilities Only Market

$24.00/SF Mg One (1) x Two (2) Year Option

with 3% Escalations.

Edward Jones Office, Suite: 105I Mar-2007 to May-2015 99 Months

1,1575.40%

$21.78 $25,200 $1.82 $2,100

Jun-2013 Jun-2014

$22.43 $23.10


expenses.

Market $24.00/SF Mg

One (1) x Five (5) Year Option at FMV.

Karcha Karate Retail, Suite: 104I Mar-2007 to Jun-2015 100 Months

2,45511.46%

$24.08 $59,120 $2.01 $4,927

Jul-2013 Jul-2014

$24.80 $25.55


expenses.

Market $24.00/SF Mg

Moore Transportation Office, Suite: 207h Dec-2010 to Dec-2015 61 Months

8303.87%

$20.85 $17,304 $1.74 $1,442

Dec-2012 Jan-2013 Dec-2013 Jan-2014 Dec-2014 Jan-2015

$21.19 $21.47 $21.83 $22.12 $22.48 $22.78

Moore Transportation

Market $24.00/SF Mg


RENT ROLL, cont’d. (As of May 9, 2012)

02 Tenant Overview

TenanT name TYPe & SuiTe number LeaSe

daTeS & Term

fLoor Sf bLdg Share

raTe & amounTPer Year

Per monTh

ChangeS on

ChangeSTo

CPi & CurrenTPorTerS’ wagemiSCeLLaneouS

monThSTo

abaTe

PCnTTo

abaTe

deSCriPTion of oPeraTing

eXPenSereimburSemenTS

imPrVmnTSraTe

amounT

CommSSnSraTe

amounT

aSSumPTion abouT

SubSequenT TermSfor ThiS TenanT

CommenTS

Onstage School of performingRetail, Suite: 104h Feb-2011 to Mar-2014 38 Months

1,0074.70%

$23.37 $23,534 $1.95 $1,961

Mar-2013 $24.03 CAM OnlyMarket

$24.00/SF Mg One (1) x Three (3) Year Option

with 3% Escalations.

Stadium VenturesRetail, Suite: 104 Feb-2010 to Feb-2015 61 Months

5,11123.86%

$28.12

$143,721 $2.34

$11,977

Feb-2013 Feb-2014

$28.96 $29.83

CAM Only

Market $28.00/SF Mg Two (2) x Five (5) Year Options.

Thoughtspan TechnologyOffice, Suite: 206h Apr-2010 to Jun-2013 39 Months

1,6287.60%

$21.22 $34,546 $1.77 $2,879

Apr-2013

$21.86

Thoughtspan

Technology

Market $24.00/SF Mg

Total Occupied SF 21,421 100.0%

Total Available SF 0 0.0%

Total Property SF 21,421 100.0%


SITE PLAN

BUILD

ING K

BUILD

ING J

BUILDING BBUILDING C BUILDING D

StE. 101StE. 102

StE. 101

BUILDING A

BUILDING EStE. 101

StE. 104

StE.

101

StE.

101

StE.

101

StE. 300

StE.

102

StE.

102

StE. 200

StE.

103

StE.

103StE. 100

StE. 104StE. 101 StE. 102 StE. 103

StE. 105

StE. 204StE. 203 StE. 202

StE. 201StE.

102 StE.

103

StE. 101

BUILD

ING G

BUILDING H

BUILDING F

StE. 101StE. 101

StE. 102

StE.

104StE.

105StE.

106BUILDING H

BUILDING M

BUILDING L

BUILDING IBUILDING I

SECOND FLOOR

BUILDING H

SECOND FLOOR

BUILDING IStE. 101

BUILDING N

ARDRE

Y KE

LL R

DtO

M SH

ORt RD

StE.

101

StE.

101

StE.

102

StE.

103

StE.

104

StE.

105


02 Tenant Overview


marKeT oVerView Charlotte, north Carolina Competitive Property Set detailed demographics

03


According to the Charlotte Chamber of Commerce, the estimated MSA population for 2010 was 1.8 million with an estimated city population of 731,424 making Charlotte one of the 25 largest cities in the United States. The projected 2021 MSA population for Charlotte is 2.5 million.

03 Market OverviewCHARLOTTE, NORTH CAROLINA

Corporate Charlotte

Charlotte is the second largest banking center in the united States with over $2.3 trillion in assets. Bank of America, the nation’s largest bank, is headquartered in Charlotte and Wells Fargo, the nation’s fourth largest bank, heads their East Coast operations and Retail Banking Division out of Charlotte. In addition to banking, Charlotte is home to seven fortune 500 companies making it the 8th ranked u.S. city for Fortune 500 headquarters.

Ballantyne Neighborhood

The neighborhood of Ballantyne is an elite corporate suburb on the south side of Charlotte. The area is made up of approximately 2,000 acres of land alongside the southern border of Charlotte. The Ballantyne neighborhood features high end residential, retail centers and top country clubs. Ballantyne is widely regarded as the most affluent area in Charlotte and is mainly occupied by young executives. The median age for residents within a 3 mile radius of The Fountains Development was 37 in 2010, with an average household income of over $133,000. In April 2012, local officials met to discuss the potential of transforming Ballantyne into its own city. The proposed city would include approximately 100,000 residents on the south side of Charlotte.

TOp u.S. CITIES WITh FORTuNE 500 hQ

ChARLOTTE AREA’S FORTuNE 500 hEADQuARTERS

*Lowe’s is located just outside of Charlotte in Iredell CountySource: Charlotte Chamber of Commerce

rank City headquarter

1 new York City 42

2 houston 24

3 dallas 12

4 atlanta 10

5 minneapolis 10

6 Chicago 9

7 St. Louis 8

8 Charlotte 7*

9 San francisco 7

name revenue rank

bank of america (banking) $150.5 b 5

Lowe's (retail)* $47.2 b 42

duke energy (utilities) $12.7 b 181

nucor (metals) $11.2 b 206

family dollar (retail) $7.4 b 305

goodrich Corp. (aerospace and defense) $6.7 b 334

Sonic automotive (automotive retailing) $6.3 b 345

SPX (electronics) $4.9 b 427


Charlotte Golf Links

CedarwoodGolf Club

521

485

485

485

16

16

84

NORTH CAROLINA

SOUTH CAROLINA

Providence R

d

Ardrey Kell Rd

Rea Rd

Tom

Sho

rt R

d

Balla ntyne Comm ons Pkwy

Lancaster Hwy

John

ston

Rd

Providence R d

Weddi ngto n

Mat

thew

s R

d

Prov

iden

ce R

d

Marvin R

dFort Mia H wy

New Town RdCha

rlotte

Hw

y

Pineville Matthews Rd

We

ddington Rd

Antioch C

hurch Rd

Tilley Morris Rd

Providence Rd

Dorman R

d

James G Martin F wy1

12

11

10

5

2

4

6

7

9

3

8

03 Market OverviewCompetitive property map (Ballantyne neighBorhood)


28277 zip Code


1 5 9

2 6 10

3 7 11

4 8 12

5310 ballantyne Commons Pky

Total Project Sf 120,487

Total Vacant Sf 0

asking rate negotiable

12206 Copper way


Total Vacant Sf 8,680

asking rate $26.00

9720 rea road




14825 ballantyne Village way




16045 Johnston road hunter’s Crossing




16051 Lancanster highway



asking rate $28.00

8620 Camfield Street Camfield Corners




16615 Lancaster highway retail a



asking rate $26.00

7850 william Pond Lane



asking rate $38.00

13855 Conlan Circle ballantyne Shopping Center




7824 rea road




12217 n. Community house road



asking rate $28.00

03 Market OverviewCompetitive property set (Ballantyne neighBorhood – 28277 Zip Code)

ToTaL Sf 1,556,466

ToTaL aVaiLabLe Sf69,077

ToTaL VaCanCY raTe 4.44%

aVg. aSKing PriCe PSf (nnn)$29.50

the fountains shopping center 2003 Market OverviewDETAILED DEMOGRAPHICS

gROWTh

The population within a 5-mile radius has grown tremendously from 40,165 in 1990 to 137,425 in 2010. The population is expected to rise to 165,993 in 2015.

demograPhiCS 1 miLe 3 miLeS 5 miLeS

2010 Population 9,742 59,847 137,425

2015 Projected Population 12,055 73,434 165,933

2000 Census Population 4,782 33,265 78,922

1990 Census Population 1,241 11,176 40,165

growth 2010 - 2015 4.35% 5.9% 3.84%

growth 2000 - 2010 7.19% 5.9% 5.56%

2010 median age 36.2 36.9 36.8

Total employees 1,202 12,427 37,694

Total businesses 143 1,574 4,414

2010 households 3,172 21,099 50,921

2015 Projected households 3,949 25,867 61,402

2000 Census households 1,798 11,681 29,181

1990 Census households 368 3,726 14,070

growth 2010 - 2015 4.48% 4.16% 3.81%

growth 2000 - 2010 7.59% 5.94% 5.58%

2010 average household Size 3.07 2.83 2.69

2010 median household income $102,011 $105,329 $95,735

2010 average household income $124,065 $133,174 $120,582

2010 Per Capita income $42,274 $47,080 $44,829

2010 owner occupied units 82.2% 77.8% 73.4%

2010 renter occupied units 10.7% 15.1% 18.7%

pOpuLATION


finanCiaL oVerView Summary of financial assumptions Cash flow Projections Lease expirations in-Place reconciliation

04


SUMMARY OF FINANCIAL ASSUMPTIONS

04 Financial Overview

gLobaL

Analysis period

Commencement Date July 1, 2012

End Date June 30, 2022

Term 10 Years

Area Measures

Building Square Footage (RSF) 21,421 SF

Consumer price Index (CpI) 2.00%

Vacancy Loss [1] 5.00%

reVenue aSSumPTionS

Market Rent growth

2013 - 2.00%2014 - 2.00%2015 - 2.00%2016 - 2.00%2017 - 2.00%

2018 - 2.00%2019 - 2.00%2020 - 2.00%2021 - 2.00%2022 - 2.00%

eXPenSe aSSumPTionS

growth Rates

Operating Expenses 2.00%

Capital Reserves 2.00%

property Taxes 2.00%

property Taxes Reassessed No

Management Fee (% of EgR) 3.00%

Operating Expense Source [2] CY 2011 p&L

2011 Capital Reserves $0.15 pSF

marKeT LeaSing - 2nd generaTion

Retention Ratio 75%

Lease Term 5 Years

2012 Annual Market Rent

Office/Retail $24.00 pSF

Restaurant/Bar $28.00 pSF

Rent Adjustment 3.00% Annually

Expense Recovery Type Modified gross

2012 Tenant Improvements

New $4.00 pSF

Renewal $2.00 pSF

Weighted Average - All Suites $2.50 pSF

Commissions

New 6.00%

Renewal 3.00%

Weighted Average 3.75%

Downtime

New 6 Month(s)

Weighted Average [3] 2 Month(s)

[1] A vacancy loss of 5.00% has been assumed for this analysis; no tenants have been excluded.

[2] Operating Expenses are based on CY 2011 operating expenses. All entered expenses are expected to grow at 2.00% annually for the duration of the holding period.

[3] The weighted average downtime has been rounded to the nearest whole month.

General Property Notes


CASH FLOW PROJECTIONS


Fiscal Year ending - june 30 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023FY 2013

Potential Gross Revenue $/SF/YR

Base Rental Revenue $23.86 $511,077 $533,163 $549,785 $565,229 $582,529 $600,002 $612,790 $621,194 $627,252 $643,957 $663,274

Absorption & Turnover Vacancy 0.00 0 (35,553) (40,347) (16,400) 0 0 (25,936) (55,474) (20,818) 0 0

Scheduled Base Rental Revenue 23.86 511,077 497,610 509,438 548,829 582,529 600,002 586,854 565,720 606,434 643,957 663,274

Expense Recoveries 3.45 73,871 70,430 95,096 112,821 122,553 125,961 123,112 118,708 126,415 135,158 139,235

Total Potential Gross Revenue 27.31 584,948 568,040 604,534 661,650 705,082 725,963 709,966 684,428 732,849 779,115 802,509 Vacancy Loss (1.19) (25,554) 0 0 (11,861) (29,126) (30,000) (4,704) 0 (10,545) (32,198) (33,164)

Effective Gross Revenue 26.11 559,394 568,040 604,534 649,789 675,956 695,963 705,262 684,428 722,304 746,917 769,345

Operating Expenses

Management Fees (0.78) (16,782) (17,041) (18,136) (19,494) (20,279) (20,879) (21,158) (20,533) (21,669) (22,408) (23,080)

Association Dues (3.50) (74,974) (76,473) (78,002) (79,562) (81,154) (82,777) (84,432) (86,121) (87,843) (89,600) (91,392)

Real Estate Taxes (2.30) (49,249) (50,234) (51,239) (52,263) (53,309) (54,375) (55,462) (56,572) (57,703) (58,857) (60,034)

Maintenance (0.49) (10,576) (10,788) (11,003) (11,223) (11,448) (11,677) (11,910) (12,148) (12,391) (12,639) (12,892)

Utilities (0.31) (6,742) (6,877) (7,014) (7,155) (7,298) (7,444) (7,593) (7,744) (7,899) (8,057) (8,218)

Insurance (0.13) (2,874) (2,931) (2,990) (3,050) (3,111) (3,173) (3,237) (3,301) (3,367) (3,435) (3,503)

Non-Reimbursable (0.14) (2,960) (3,019) (3,080) (3,141) (3,204) (3,268) (3,333) (3,400) (3,468) (3,537) (3,608)

Total Operating Expenses (7.66) (164,157) (167,363) (171,464) (175,888) (179,803) (183,593) (187,125) (189,819) (194,340) (198,533) (202,727)

Net Operating Income 18.45 395,237 400,677 433,070 473,901 496,153 512,370 518,137 494,609 527,964 548,384 566,618

Leasing And Capital Costs

Tenant Improvements 0.00 0 (15,965) (27,878) (11,785) 0 0 (14,792) (18,993) (27,982) 0 0

Leasing Commissions 0.00 0 (30,515) (57,518) (22,525) 0 0 (28,272) (36,302) (58,251) 0 0

Capital Reserves (0.15) (3,213) (3,277) (3,343) (3,410) (3,478) (3,548) (3,619) (3,691) (3,765) (3,840) (3,917)

Total Lease and Capital Costs (0.15) (3,213) (49,757) (88,739) (37,720) (3,478) (3,548) (46,683) (58,986) (89,998) (3,840) (3,917)

Operating Cash Flow 18.30 392,024 350,920 344,331 436,181 492,675 508,822 471,454 435,623 437,966 544,544 562,701


EXISTING LEASE EXPIRATIONS


fiSCaL Year number of SuiTeS renTabLe Square feeT eXPiring annuaL [1] CumuLaTiVe [1]

2013 1 1,628 7.60% 7.60%

2014 1 3,626 16.93% 24.53%

2015 2 3,450 16.11% 40.63%

2016 6 11,887 55.49% 96.13%

2017 1 830 3.87% 100.00%

Beyond 0 0 0.00% 100.00%

Subtotal 11 21,421 100.00% 100.00%

Vacant 0 0 0.00% 100.00%

ToTaL 11 21,421 100.00% 100.00%

0

10,000

20,000

‘13 ‘15 ‘Beyond‘14 ‘17‘16

REN

TABL

E SQ

uA

RE F

EET

[1] Based on 21,421 Square Feet.


IN-PLACE INCOME RECONCILIATION(Fiscal Year Ending June 30)


TenanT Square feeTLeaSe

CommenCe-menT

LeaSe TerminaTion

2013 baSe renT PSf

2013 baSe renT

2013 oPer. eXP reCoVerieS

2013 groSS renT

202 Fountains 2,453 1/09 4/14 $24.87 $61,018 $0 $61,018

Acting Out Studio 886 7/07 12/14 19.29 17,087 279 17,366

Acting Out Studio 966 1/12 12/14 19.28 18,629 304 18,933

Balaca Ballancrest Academy 3,626 8/10 8/13 22.51 81,609 27,408 109,017

Berkeley Wealth professionals 1,302 8/11 10/14 20.50 26,691 410 27,101

Edward Jones 1,157 3/07 5/15 21.83 25,263 8,745 34,008

Karcha Karate 2,455 3/07 6/15 24.08 59,120 18,556 77,676

Moore Transportation 830 12/10 12/15 21.19 17,587 275 17,862

Onstage School of performing 1,007 2/11 3/14 23.59 23,756 5,161 28,917

Staven Stadium Ventures 5,111 2/10 2/15 28.47 145,510 12,493 158,003

Thoughtspan Technology 1,628 4/10 6/13 21.38 34,807 539 35,346

21,421 $511,077 $74,170 $585, 247

Vacant 0 Other Income 0

Total Square Footage 21,421 Effective gross Income $585,247

Expenses

Management Fees (17,557)

Association Dues (74,974)

Real Estate Taxes (49,249)

Maintenance (10,576)

utilities (6,742)

Insurance (2,874)

Non-Reimbursable (2,960)

Total Expenses ($164,932)

Net Operating Income $420,315

© 2012 Ackerman & Co. All rights reserved.

FOR MORE INFORMAtION, PLEASE CONtACt:

JASON POWELL, CCIMVice President, Investment Sales [email protected]

ANDREW MURPHYSenior Vice President, Investment Sales [email protected]

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